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Tuesday 12 July 2011

Greece's Finance Minister Evangelos Venizelos speaks on the economy: highlights

Greece's Finance Minister Evangelos Venizelos held a news conference on Tuesday on his return from a eurogroup meeting in Brussels to tackle the debt crisis and domestic policy. Here are the highlights of what he said.

Greek Finance Minister Evangelos Venizelos speaks in the Greek Parliament, Athens, Greece
Greek Finance Minister Evangelos Venizelos Photo: EPA

On political consensus

"Whatever act of consensus works for the benefit of the country. Despite the fact that we are borrowers, we participate on an equal basis and with a strong role in the negotiations.

"The invitation to the opposition for consensus remains open."

On the need to apply the austerity plan

"Without consistent implementation of the [austerity] programme we will not be able to get out of this tail-pin. Those who do not understand this simple truth in their political rhetoric are feeding the Greek people inaccuracies."

On privatisations and revenue targets

"Greece means what it says, otherwise it will not be credible. Until 2014 there will be €30bn in proceeds from privatisations."

"It is not possible for Greece to be borrowing, to be in this turmoil, and continue to generate debt. Our top priority is to implement the budget. There may be a burden on every citizen but if revenue targets are not met, the consequences for the state will be especially negative."

"It is an existential issue, achieving our revenue targets. We need the participation and the understanding of citizens. The timetable we have for our numerical targets will not change at all."

On bank liquidity strains

"Obviously, there must not be and there will not be [a liquidity problem]. This is fundamental, this was a basic parameter of our discussions."

On markets

"Markets will never be satisfied. The environment is undoubtedly volatile and the message must be crystal clear.

"Everybody knows that Greece is not the problem. Greece is the excuse for an attack on the euro."

On selective default

"ECB President Jean-Claude Trichet told me that on the PSI there are 36 different scenarios being looked at.

"Selective default is not a real event, it is an assessment. We must not convert a perception into a reality, into a self-fulfilling prophecy."

telegraphuk
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